A gambler sets fire to his home in order to bake some goods and cook a turkey. Setting his house on fire isn’t exactly the brightest idea, but the gambler is taking a gamble that the things he baked and cooked in the fire will offset the cost of a new home.
This kanji also means burn, because when you cook or bake something for too long, that's exactly what it does.
This gambler used to play for the New York Yankees (や). He had a pitching injury, developed a gambling problem, and also took up some hobbies to bake and cook. Certainly a departure from his time with the Yankees.
Currently there are no similar looking kanji which exist in the WaniKani learning system